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MoneyGram and GMT take on Israel
Money remittance giant MoneyGram arrives in Israel. A newly launched joint venture with GMT is about to change the local market, making money transfers easier, cheaper and more effective for end-users.
A big announcement for anyone planning on transferring money internationally be it for business, pleasure, financial support, family funds or any other purpose.
MoneyGram, the world’s second largest remittance company launches its Israel offices this summer. This is made possible due to its joint- venture with GMT, Israel’s largest money-transfer company, with over 300 branches nationwide.
The impact of this new venture on the end- consumer is huge; firstly, consumers will be able to enjoy the benefits of a trusted, reliable source for all their money transfer needs, sensitive as they may be. On top of that, due to regulatory changes and collaterals demanded by law, money wires will become safer than they are today. Another great aspect of this new cooperation is GMT’s ability to offer 24/7 multi-lingual customer support via its Customer Service Center, Facebook page or WhatsApp.
Frank Martin, MoneyGram’s Regional Partnerships Manager spoke of Israel’s unique circumstances: “I think one of the greatest advantages of the Israeli market is its focus on technology and the great international reputation Israeli start-ups enjoy. We’ve invested considerable time in testing GMT’s system, including all of the company’s digital channels. One of the biggest differences between Israel and other countries is that in Israel we don’t operate under a local entity, but rather under agents such as GMT”.
Frank Martin, MoneyGram’s Regional Partnerships Manager spoke of Israel’s unique circumstances: “I think one of the greatest advantages of the Israeli market is its focus on technology and the great international reputation Israeli start-ups enjoy. We’ve invested considerable time in testing GMT’s system, including all of the company’s digital channels. One of the biggest differences between Israel and other countries is that in Israel we don’t operate under a local entity, but rather under agents such as GMT”.
What makes their technology so interesting?
Frank: “It’s still not operational but from what I’ve seen it’s going to massively simplify the money- transfer process for the end-user. Once they undergo the initial registration process, money transfers from mobile phones will become much easier to do. I must say we’re very excited by the technology GMT is developing”.
Will it create a revolution?
Frank: “For some people, yes. But we’ve surveyed other countries and found that there will still be a large group of people who won’t use this new technology and continue to wire money via their local branches, especially older people, unaccustomed to technological advancements. In other words, I think we will see a rise in usage of these new channels, but there will always be customers who prefer to handle cash, and continue to do so regardless of new technologies”.
GMT’s owner, Eran Saruk spoke of the new venture: “We’re talking about a real revolution, two strong companies amalgamating to provide end-customers with the best and most effective service via our nationwide network of branches. It is a pivotal moment as well as a first-of-its-kind international standard mark for GMT. I am certain that with MoneyGram’s new market prices we are marching towards a bright future for both companies”.
